Foundations Investment Advisors LLC Acquires 12,074 Shares of DraftKings Inc. (NASDAQ:DKNG)

Foundations Investment Advisors LLC raised its holdings in shares of DraftKings Inc. (NASDAQ:DKNG) by 30.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 51,741 shares of the company’s stock after buying an additional 12,074 shares during the period. Foundations Investment Advisors LLC’s holdings in DraftKings were worth $1,925,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Delos Wealth Advisors LLC purchased a new stake in DraftKings in the 3rd quarter worth approximately $43,000. V Square Quantitative Management LLC bought a new position in shares of DraftKings in the third quarter worth approximately $46,000. Creative Financial Designs Inc. ADV increased its stake in shares of DraftKings by 36.8% in the third quarter. Creative Financial Designs Inc. ADV now owns 1,190 shares of the company’s stock worth $47,000 after purchasing an additional 320 shares in the last quarter. Toth Financial Advisory Corp bought a new stake in shares of DraftKings during the 4th quarter valued at $58,000. Finally, Eastern Bank purchased a new position in shares of DraftKings during the 3rd quarter valued at $59,000. 37.70% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, insider R Stanton Dodge sold 228,496 shares of the business’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $42.74, for a total value of $9,765,919.04. Following the completion of the sale, the insider now owns 541,884 shares in the company, valued at approximately $23,160,122.16. The trade was a 29.66 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jason Robins sold 3,151 shares of the firm’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $43.71, for a total value of $137,730.21. Following the transaction, the insider now owns 2,631,033 shares in the company, valued at $115,002,452.43. The trade was a 0.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 963,742 shares of company stock valued at $38,082,888. Insiders own 51.19% of the company’s stock.

DraftKings Trading Up 2.2 %

Shares of DKNG opened at $42.00 on Wednesday. DraftKings Inc. has a twelve month low of $28.69 and a twelve month high of $49.57. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.17. The company’s fifty day simple moving average is $40.56 and its 200-day simple moving average is $38.14. The company has a market cap of $36.99 billion, a P/E ratio of -47.73, a P/E/G ratio of 3.07 and a beta of 1.90.

DraftKings (NASDAQ:DKNG) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.42) by ($0.18). DraftKings had a negative return on equity of 41.23% and a negative net margin of 9.06%. The firm had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.12 billion. As a group, analysts expect that DraftKings Inc. will post -0.9 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. Susquehanna cut their price target on DraftKings from $56.00 to $54.00 and set a “positive” rating for the company in a research note on Wednesday, January 8th. Macquarie increased their target price on DraftKings from $50.00 to $51.00 and gave the stock an “outperform” rating in a research report on Monday, November 11th. Needham & Company LLC reissued a “buy” rating and issued a $60.00 price target on shares of DraftKings in a report on Friday, November 8th. Wells Fargo & Company upped their price target on DraftKings from $47.00 to $52.00 and gave the stock an “overweight” rating in a research note on Thursday, October 17th. Finally, Mizuho lifted their price objective on shares of DraftKings from $54.00 to $62.00 and gave the company an “outperform” rating in a research report on Friday, October 18th. Three equities research analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $51.08.

About DraftKings

DraftKings Inc operates as a digital sports entertainment and gaming company in the United States and internationally. It provides online sports betting and casino, daily fantasy sports, media, and other consumer products, as well as retails sportsbooks. The company also engages in the design and development of sports betting and casino gaming software for online and retail sportsbooks, and iGaming operators.